The pair is expected to decline.

Our opinion: Sell the pair below the level of 1.0200 with a target at 0.9948 – 0.9866.

Alternative scenario: Breakout and consolidation above the level of 1.0200 will allow the pair to continue rising to a level of 1.0300.

Analysis: Supposedly, the ascending correction of senior level in a form of the wave 2 has been formed. Apparently, a counter-trend impetus is forming locally as the first wave of junior level (i). If the assumption is correct, the pair will continue to drop to the levels of 0.9948 – 0.9866. The level 1.0200 is critical in this scenario.

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